Prepare a schedule for the cost of goods manufactured for
2013.
Begin by preparing the schedule of cost of goods manufacturedâ (in thousands). Start with the direct materials and laborâ costs, then indirect manufacturingâ costs, and complete the schedule by calculating cost of goods manufactured.
Beginning of 2013 End of 2013 Direct materials inventory $27,000 $28,000 Work-in-process inventory 29,000 22,000 Finished goods inventory 16,000 25,000 Purchases of direct materials 73,000 Direct manufacturing labor 24,000 Indirect manufacturing labor 18,000 Plant insurance 6,000 Depreciationââ¬âplant, building, and equipment 17,000 Repairs and maintenanceââ¬âplant 2,000 Marketing, distribution, and customer-service costs 111,000 General and administrative costs 36,000
| Prepare a schedule for the cost of goods manufactured for 2013. Begin by preparing the schedule of cost of goods manufacturedâ (in thousands). Start with the direct materials and laborâ costs, then indirect manufacturingâ costs, and complete the schedule by calculating cost of goods manufactured. | Beginning of 2013 | End of 2013 | |
| Direct materials inventory | $27,000 | $28,000 | |
| Work-in-process inventory | 29,000 | 22,000 | |
| Finished goods inventory | 16,000 | 25,000 | |
| Purchases of direct materials | 73,000 | ||
| Direct manufacturing labor | 24,000 | ||
| Indirect manufacturing labor | 18,000 | ||
| Plant insurance | 6,000 | ||
| Depreciationââ¬âplant, building, and equipment | 17,000 | ||
| Repairs and maintenanceââ¬âplant | 2,000 | ||
| Marketing, distribution, and customer-service costs | 111,000 | ||
| General and administrative costs | 36,000 | ||
Related questions
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Costs of the three jobs worked on in April follow.
| Job 306 | Job 307 | Job 308 | ||||||||||
| Balances on March 31 | ||||||||||||
| Direct materials | $ | 28,000 | $ | 36,000 | ||||||||
| Direct labor | 24,000 | 15,000 | ||||||||||
| Applied overhead | 12,000 | 7,500 | ||||||||||
| Costs during April | ||||||||||||
| Direct materials | 139,000 | 205,000 | $ | 100,000 | ||||||||
| Direct labor | 103,000 | 152,000 | 101,000 | |||||||||
| Applied overhead | ? | ? | ? | |||||||||
| Status on April 30 | Finished (sold) | Finished (unsold) | In process | |||||||||
rev: 03_15_2018_QC_CS-121813
Problem 15-1A Part 1
Required:
1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
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Problem 15-1A Part 2
- Materials purchases (on credit).
- Direct materials used in production.
- Direct labor paid and assigned to Work in Process Inventory.
- Indirect labor paid and assigned to Factory Overhead.
- Overhead costs applied to Work in Process Inventory.
- Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)
- Transfer of Jobs 306 and 307 to Finished Goods Inventory.
- Cost of goods sold for Job 306.
- Revenue from the sale of Job 306.
- Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
2. Prepare journal entries for the month of April to record the above transactions.
Problem 15-1A Part 3
3. Prepare a schedule of cost of goods manufactured.
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